Notes

Brian Moynihan – Chairman and Chief Executive Officer Moderate economic growth projected “We expect moderate economic growth to continue this year and we expect the US to grow a little faster next year above 2% and outside of US is … Continued

James Gorman – Chairman & CEO lending is a big differentiator in private wealth So I was on a phone call with a client yesterday. His adviser left to a competitive firm, a multi-hundred million dollar relationship. We have a … Continued

Mike Rofflee We have experienced a modest increase in our deposit rates, despite several increases in the Fed funds rate. Loan pricing in our market however has remained very competitive causing some pressure on our net interest margin

Brian Moynihan Credit quality improvement is years in the making That’s a multi-year discipline. This is not something that happened this quarter. This is – multi-years of changing the underwriting standards and sticking to it and not varying those standards … Continued

Each week we read dozens of transcripts from earnings calls and presentations as part of our investment process. Below is a weekly post which contains some of the most important quotes about the economy and industry trends from those transcripts. Click … Continued

Michael Corbat – CEO Macro environment remains positive “The macro environment remains a largely positive one, growth while not as high as we would like remains consistent and we don’t see too many economies in distress. However, while geopolitical tensions … Continued

Dan Florness – President and CEO Didn’t take price this quarter, but there is still inflation “As you roll into 3Q, we feel like we got a little bit of incremental price but we also began to see a little … Continued

Richard Thaler, Nobel Prize in Economics Winner on Bloomberg. (Here and here) “We all need a lot of humility, and especially about the economy…Surely it can’t be based on the certitude that there will be a massive tax cut, given … Continued

Chris Hollis Growth everywhere “Organic revenue is up in the double digits across all of our business groups in the third quarter and nine-month period with the exception of Wines & Spirits.” Jean-Jacques Guiony – CFO But is not expected to … Continued